West Texas Intermediate, or WTI, (Is it also the same as referred to as NYMEX Crude?)
at $100 a barrel is far too high, I believe the price should be nearer $85 for a
worldwide economic Recovery to continue.
Brent Crude ICE at $110 a barrel is also too high. $100 or less would aid continued Recovery.
BRICS countries cannot happily be paying current prices. In India the economy has started
to cool down substantially, and the cost of Oil is a contributory factor, if not the main one .
How can countries with Per Capita Incomes which are pretty low compared to U.S., Europe,
Singapore and the Oil Exporting countries, bear such a high oil price? It may be okay for
some people in those economies, but not for the vast majority.
The Oil price is slowing down growth, in India, Kenya, Tanzania, and other places.
The world would benefit if growth is fostered in all the developing countries, by holding
prices that would be affordable for sustained growth. The developing countries need
a friendly helping hand to grow - which would be good for the world economy.